This notice is given pursuant to section 55 of the Insurance (Prudential Supervision) Act 2010.

N o t i c e

1. Title and commencement—(1) This standard may be cited as the Solvency Standard for New Zealand Local Government Insurance Corporation Limited 2014 (“Standard”) and comes into force on 1 January 2015.

(2) The Standard has the status of a Disallowable Instrument for the purposes of the Legislation Act 2012 and is issued pursuant to section 55 of the Insurance (Prudential Supervision) Act 2010.

2. Description—The Standard specifies the capital requirements for the New Zealand Local Government Insurance Corporation Limited (Civic Assurance), methods for calculating and reporting solvency and related matters of Civic Assurance, and disclosure of solvency-related information.

3. Availability—The Standard is available for inspection:

1. at the head office of the Reserve Bank of New Zealand, 2 The Terrace, Wellington; and
2. on the Reserve Bank of New Zealand’s website at

http://www.rbnz.govt.nz/regulation_and_supervision/insurers/regulation/5969199.pdf

Dated this 17th day of December 2014.

GRAEME WHEELER, Governor, Reserve Bank of New Zealand.